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Started By
Message
re: "Mark To Make Believe"
Posted on 3/5/09 at 8:32 am to LSURussian
Posted on 3/5/09 at 8:32 am to LSURussian
I understand what the idea behind a level 3 asset is, and I'm saying it's bullshite. There's always a market somewhere. And if there's really not a market, then that thing you own is worth zero. It's really that simple.
0
Posted on 3/5/09 at 10:11 am to LSURussian
quote:
(ETA: "Sorry to waste your time, sir!" is a punchline quote from a Monty Python skit from years ago. I thought someone might recognize it and get a chuckle.)
I know the movies, but not well enough to recognize stuff outside of "what is your favorite color?"
quote:
I guess I'm the only one here who thinks that MtM doesn't work in the panic mode market we're in as it does in a traditional market environment. And that's fine. I don't expect to always be able to convince everyone of the error of their ways.
No, this is where I do agree with you (although my contention is still that it is an enforcement/auditor issue), I just found everything in the article to be stuff that was previously stated. Its a good quick summary of mtm and the issues surrounding it. Where we disagree is on the remedy (which is what I thought the article might have had, which is why I was disappointed).
Posted on 3/5/09 at 10:15 am to kfizzle85
quote:
It's a fantasy by absolutists that banks can't operate with low or negative capital. Of course they can. Banks have been operating in that condition for decades, even in 'developed' countries (Japan).
This is absolutely true. You can run any organization on negative capital as long as no one demands payment, and that is especially true for banks considering their standard investment/profit making strategy. The issue isn't whether this is possible, it is whether it is desirable. I think the situation with which you referenced (Japan) is a clear example of why it is not.
ETA: In other news, I bailed on my UBS put way early for a small loss, and now its about to break the lows.
This post was edited on 3/5/09 at 10:18 am
Posted on 3/5/09 at 10:41 am to LSURussian
quote:
(Now THAT'S being hostile. See the difference?)
So you admit calling someone a burger flipper is an insult?
Posted on 3/5/09 at 11:49 am to LSURussian
quote:
MtM doesn't work in the panic mode market we're in as it does in a traditional market environment.
I agree.
Posted on 3/5/09 at 3:30 pm to kfizzle85
quote:
I think you would see a minimal rally followed by further obfuscation of balance sheets, and increased investor skepticism.
kfizzle johnson is right!
Posted on 3/5/09 at 3:33 pm to LSURussian
quote:
My motivation for wanting MtM suspended for some definite period is not about helping their stock prices. It has to do with the recognition that it just does not work in this economic scenario.
I don't know. I'd think you are interested in the bump since you disclosed that you have quite a bit of coinage riding on how much Jamie Dimon's voice trembles in interviews.
Pretty brutal week for JPM. I hope you have an exit plan in place for that one. Seriously.
Posted on 3/5/09 at 5:05 pm to kfizzle85
quote:I Googled the quote and found, as W would have said, I misremembered the quote. It actually was, "I just wanted to waste your time, sir." It comes from the Cheese Shop skit. Google it yourself and get a chuckle.
I know the movies, but not well enough to recognize stuff outside of "what is your favorite color?"
Posted on 3/5/09 at 5:20 pm to LSURussian
My favorite/most memorable Monty Python skit is the one with the two knights fighting in the woods. I'm sure you know what I'm talking about. I never really got that into those, slightly before my time (not that there's anything wrong with that).
Posted on 3/5/09 at 5:24 pm to kfizzle85
quote:
My favorite/most memorable Monty Python skit is the one with the two knights fighting in the woods.
"Merely a flesh wound!" after he gets his arm cut off. 
I've seen the Broadway play Spamalot twice. It's a stage version of the movie "Monty Python and the Holy Grail." That knight fighting scene is in it and it is hilarious! If you get to NYC, go see it. It's worth the $150 for a ticket.This post was edited on 3/5/09 at 5:26 pm
Posted on 3/5/09 at 5:25 pm to LSURussian
they have a monty python beer too which is pretty tasty.
I tried to go see spamalot last fall when I was in NYC for a night, but it was sold out.
I tried to go see spamalot last fall when I was in NYC for a night, but it was sold out.
Posted on 3/5/09 at 5:31 pm to LSURussian
IMO the swallow scene and the "I'm your king" scene own that movie.
Posted on 3/5/09 at 5:50 pm to Colonel Hapablap
Back to the topic though:
Just saw this on MarketWatch, and that guy's opinion is a mirror image of mine.
Just saw this on MarketWatch, and that guy's opinion is a mirror image of mine.
Posted on 3/5/09 at 7:48 pm to kfizzle85
More on this topic: Minyanville: Misses the Mark
Minyan Peter wins this argument in a landslide, imo:
"At the end of the day, it's the realized cash flows on loans and securities that will ultimately determine which banks survive. The accounting treatment -- whether accrual or mark-to-market -- just determines when the problems become obvious to investors."
Minyan Peter wins this argument in a landslide, imo:
"At the end of the day, it's the realized cash flows on loans and securities that will ultimately determine which banks survive. The accounting treatment -- whether accrual or mark-to-market -- just determines when the problems become obvious to investors."
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